Now that FHA is tightening up its ship in regard to loan standards, some wholesalers are tweaking their government menus as well. Bank of America account executives sent out notices to their brokers noting that FHA has made "significant changes" on streamline refinances including a hike in minimum FICO scores. One of the nation's largest wholesalers, BoA is telling brokers that a 640 FICO is "now required on all FHA Streamline transactions." The bank says lenders must also perform a "net tangible benefit test" for the consumer"...
Processing Content
